Higher rates lead to improved trucking conditions
While trucking capacity utilization and freight volumes softened in August, trucking conditions still improved thanks to higher rates, according to FTR’s Trucking Conditions Index (TCI). The 11.63 reading was well into positive territory, though below the all-time high recorded in April. “Market conditions in trucking still strongly favor carriers, and we have no real sign of an inflection on the horizon,” said Avery Vise, vice-president – trucking, with FTR.
“After healthy – though not especially robust – gains in payroll employment during the summer, trucking job growth was relatively weak in September.
Meanwhile, the shift of capacity from larger carriers to startups continues, adding to the supply chain disruptions that are bolstering spot market volume and rates for much longer than we would expect in a ‘normal’ hot market like we saw in 2017 and 2018.
Rising diesel prices increase the risks of a swing of capacity back toward larger carriers if spot metrics begin to soften, but we have no indication of that happening yet.”
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